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Equities
-Our mid-term bullish view is that equity markets haven’t already seen their highs and that
the risk/reward ratio sill favours the upside provided by the mid-term uptrend over the risk
of a short term correction.
-This week overbought conditions and excess optimism were corrected and the risk/return
is now good to add long position. For this month, as the Macd daily is still bearish, the
main risk for us is to built a trading range (for instance SX5e between 2400 and 2600) not
to start a massive sell off.
-Our next technical targets for the Stoxx 600 (287,296) are very close to major resistances
zone.(slide 2)
The S&P 500 (slide 3) has not much resistances until the 2000 and 2007 peaks. (1552-
1576).
-Around those technical levels, the upward cycle which began in June could be ending
because most of the technical targets would have been achieved and equity markets may
enter into a more random, erratic period.
-MSCI China breakout? (slide 4)
-Bonds&Currencies&Commodities
-After a healthy pull-back, the €/$ could rise further above 1.3. (slide 4 )
-The (generic) bund future has tested its recent breakdown, we still mid- term bearish
waiting for a decisive breakdown of the 139 level for the December contract. (slide 5)
 Stay bull for the Spanish 10 year, the minimum head and shoulders pattern target is
around 5% (slide 6 )
-Gold in € breaks to a new all time high (slide 6 )




                                                                                          1
Stoxx 600 daily and hourly
Supports:270, lower part of the
bullish channel
Resistances: 284/285,292/293
                            Daily chart with weekly Macd




                              Hourly chart with daily Macd




                                                    Holding at
                                                    support but daily
                                                    momentum still
                                                    bearish




                                                                        2
SP500
Supports: upper part of the
“small” bullish channel, 1440.
Resistances: upper part of the
“big” bullish channel, 1550    Daily chart with weekly Macd




                              Hourly chart with daily Macd




                                                              Holding at support
                                                              but daily
                                                              momentum still
                                                              bearish




                                                                                   3
MSCI China breakout?




€/$ Support :200 day MA 1.263 Resistance: 1.30,1.345




                                                       4
Bund Future (generic) Support :139.5
Resistances : 200 day MA,lower part of the triangle




                                                      5
Spain 10 year




 Gold in €




                6

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Mid-Term Bullish View Remains for Equity Markets

  • 1. Equities -Our mid-term bullish view is that equity markets haven’t already seen their highs and that the risk/reward ratio sill favours the upside provided by the mid-term uptrend over the risk of a short term correction. -This week overbought conditions and excess optimism were corrected and the risk/return is now good to add long position. For this month, as the Macd daily is still bearish, the main risk for us is to built a trading range (for instance SX5e between 2400 and 2600) not to start a massive sell off. -Our next technical targets for the Stoxx 600 (287,296) are very close to major resistances zone.(slide 2) The S&P 500 (slide 3) has not much resistances until the 2000 and 2007 peaks. (1552- 1576). -Around those technical levels, the upward cycle which began in June could be ending because most of the technical targets would have been achieved and equity markets may enter into a more random, erratic period. -MSCI China breakout? (slide 4) -Bonds&Currencies&Commodities -After a healthy pull-back, the €/$ could rise further above 1.3. (slide 4 ) -The (generic) bund future has tested its recent breakdown, we still mid- term bearish waiting for a decisive breakdown of the 139 level for the December contract. (slide 5) Stay bull for the Spanish 10 year, the minimum head and shoulders pattern target is around 5% (slide 6 ) -Gold in € breaks to a new all time high (slide 6 ) 1
  • 2. Stoxx 600 daily and hourly Supports:270, lower part of the bullish channel Resistances: 284/285,292/293 Daily chart with weekly Macd Hourly chart with daily Macd Holding at support but daily momentum still bearish 2
  • 3. SP500 Supports: upper part of the “small” bullish channel, 1440. Resistances: upper part of the “big” bullish channel, 1550 Daily chart with weekly Macd Hourly chart with daily Macd Holding at support but daily momentum still bearish 3
  • 4. MSCI China breakout? €/$ Support :200 day MA 1.263 Resistance: 1.30,1.345 4
  • 5. Bund Future (generic) Support :139.5 Resistances : 200 day MA,lower part of the triangle 5
  • 6. Spain 10 year Gold in € 6